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Final

ECON REAL FINAL REVIEW

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Department
Economics
Course
ECON 2010
Professor
All Professors
Semester
Fall

Description
Final Review ListChapter 3Supply and demand curve1Market equilibriumWhere demand and supply meet Where everything is goodShortageis when you have an excess demand for a good above equilibrium pointSurplusis when you have an excess supply of a good below equilibrium pointPrice ceilinggovernment set price that the producer cannot charge higher thanPrice floorgovernment set price that the producer cannot charge lower than minimum wage2What cause demand to shift either right or leftLeft a negative change in anything Right a positive change in anythingWhen consumers increase the quantity demanded at a given price it is referred to as an increase in demand demand shifts right if vice versa demand shifts left3What cause supply to shift either right or leftLeftprice rises EtcRight price falls etcWhen technological progress occurs the supply curve shiftsChapter 44Definition of GDPGDPThe monetary value of all the finished goods and services produced within a countrys borders in a specific time period though GDP is usually calculated on an annual basisGDPconsumption Cgross investment Igovernment spending G exportsimports NXCconsumption expenditure Icapital stock houses change in inventory business fixed investment Ggovernment purchase doesnt include transfer payment unemployment insurance int for debtNXnet exports exportsimports5Calculate nominal GDPNominal GDP Pi current yearQi current yearEx 10 pizza for 10 and 12 soda for 9
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